tv Your World With Neil Cavuto FOX News June 13, 2012 4:00pm-5:00pm EDT
bigger bets here. >> we can hardly sit in judgment of losing $2 billion, wees lose twice that each day. >>shepard: they must be watching our show. the j.p. morgan chase $2 billion bet did not cost taxpayer as dime. and the push for more regulation builds. are is the urgency over this? our national debt, fast approaching $16 trillion. a federal deficit expected it top $1 trillion for the 4th straight year. and $423 billion tax bomb that could hit next year if all of the bush tax rates expire on schedule. washington has priors out of whack says my guest.
>>guest: well, it was a three-ring circus on capitol hill today. what is infuriating with jamie dimon you listen to the congressmen and i don't think half of them no what a hedge fund is or a lot of the financial instruments and what is interesting --. >>neil: the point is well-taken. >>guest: a lot of the guy whose stand in judgment do not understand the financial markets very well. and i make a key point about the banks at risk. what is interesting about this crisis the last four years if you look at what happened back in 2006 and 2007 and 2008, what were the federal regulators telling banks they had to do to hole as collateral? mortgages. that is how they lost so much money. my point is, anyone who believes that more regulations and more regulators and more congressional oversite over the banks is beginning to prevent this crisis, i don't see it. i agree with you, the number one crisis they should be dealing
with is the national debt and the tax time bomb that is going to slowed come january of this year. >>neil: my bigger point, what could i liken this to. i thought i was telling my group it would be akin to be addressing the national fitness society saying we have to speed it up on the exercising. it galls me to think washington which loses more in minutes than this film lost in a single trade, this firm will still make money and washington has not in some time. >>guest: the reason that they are spending so much time on this j.p. morgan chase "crisis," which does not appear to be that big of a crisis, precisely to distract taxpayers and divert taxpayers away from the big story, which is our financial crisis here in washington, dc. which as you know gets bigger every day. i love that comment by senator demint saying we lose $4
billion a day, and no one seems to pay attention to j.p. morgan chase when they made billions in ween twine and 2010 under jamie dimon who has been a very good c.e.o. >>neil: amazing. thank you very much. forget j.p. morgan chase $2 billion problem, is it sitting on $4 translate -- $4 trillion that could impact all of us. but this information is something that charles gasparino knows. joining us now with the details. what is this about? >>guest: well, we have j.p. morgan chase on our mind. it is strictly confidential proprietary report posed byup j.p. last year that said this, and here is the rub, they did not release it publicly. this will an story going forward, why depth they release it. they are saying states and cities, the beg ones, have way, washington undercounted their unfunded liabilities to fund the
massive public pension funds. this is just not talked about. they are talking about this being underfunded by four or five times. the unfunded liability is something like $4 trillion. >>neil: wait, wait, charlie. so i can understand this, you are saying that the obligations of states for the public pensions exceed their ability to pay by close to $4 trillion? >>guest: and here is the rub and what the report said and go to www.foxbusiness.com and not only that the states themselves are undercounting. they are publicly undercounting. they are saying this is, maybe, $1 trillion problem. actually $900 billion problem, and when you they in other debt if this it balloons even worse, and what really is fascinating,
and what is scary, to deal with the problem, you do have to start making cutbacks. now. why? because they are not giving you the states and cities will default on the debt tomorrow but it sinnestable, if you did not get your hands around this, like, start making the cuts and there are precipitations not study, if you do not do that municipal default in the future, but it is not cards. insolvency is clearly in the cards because the unfunded liability is not sustainable. and the other side story, j.p. morgan chase never reletsed it but handed it to as we reported, 100 of the top customers and here is where they may have issues, maybe bigger issue than losing money on the london wail trade they never disclosed this when they underwrote bonds of the very same states and cities that in their view and that could be a problem because i
talk to lawyers all week and they say he should have disclosed it. i can tell you, the ethic board provisions by the securities and exchange commission are pretty clear, they say if you know something like this, err on the side of disclosure. i think they have a problem. the big untold elephant in the room, right? $4 trillion. the states and cities have a big problem. even chris christie is getting his hands an it. >>neil: we have been so focused on social security and medicare, and that could be trillions in arrears, and you are talking about 50 individual time bombs totaling $4 trillion that you would have to cut a lot of spending. and/or raise taxes, and it gets way out-of-control, right? >>guest: you are talking maybe 200 because you are talking about big cities. and this is a very bad problem
and we reading about it piecemeal in the papers, you can see stuff here and what is fascinating about j.p. morgan chase it is in one place and it is stark. why didn't they release it? i think they were afraid they would get people mad at them. >>neil: there is something to that. charlie god please you for being the great rotter you -- the great reporter you are. we are so focused on a firm with a $2 billion trade and he told you about a $4 trillion time bomb, state by state, city by city, a lot more with him at 8:00 p.m. here is something you will not get anywhere else on this incredible story: a guy in jail reacting. remember that fellow, the tyco kingpin? tonight he rants on fox business network and only fbn. i told you when we were going prime time we would give you something no one else is giving you any time. business. so does he.
wall street donors are kicking mitt romney to the nunn -- tune of $37 million, and that compares to $4.8 million for the president during the same period and that includes 19 donor whose gave big time to the president in 2008 but they have not given a penny. our pollster says he is not surprised and we will see more. david, what is going on? >>guest: the money is falling. the perception now is that governor romney is an excellent chance of winning, and you pick the index. list of gas. unemployment. 401(k) balance. housing crisis. median average price of housing, a lot of those right now do not look good for the incumbent president and wall street wants to be on the side of winner. ing if more than a methodical
best. >>neil: if i am an ad man for the white house i could run with this. vote for governor romney, wall street's guy. how does that pan out? >>guest: william, we have polling numbers about that here in massachusetts with scott brown and elizabeth warren and we asked, brown was recipient of j.p. morgan chase money and we asked the question, whether or not scott brown should give the donation back, 42 percent said yes and 43 percent said no. this is massachusetts action democratic state. so i don't thing that connection will catch fire. not from the limited polling information we are looking at. >>neil: this is at a time, david, with a great division among democrats. we will get it to this. about whether attacking wall street, attacking fat cats, attacking the 1 percent and the business community, if that boomerangs or is a good way to run a campaign. how is it resonating in these
polls? >>guest: it is not. rebound going negative on romney, and he has done a lot of this the last two or three weeks is having the inverse effect, the numbers are dropping, and romney's numbers are gaining, a problem if the white house. they need to take a step back, get out of panic mode and look at polling data and go forward with a different approach. in terms of president obama not having the right message right now. >>neil: is the message that resonates that romney will champion, is the businessman skills, always been how he does it, and that would be a winning message in or can he overdo it? >>guest: you have to look at the would file of the candidate. romney's wheel house, if you will, is business and business background. you have the indicators that people understand. the only good indicator is the price of milk. a gallon of milk is down a dime
but you cannot get re-elected on the cost of milk dropping a dime. all good do see you. all new reports and whether panic is setting in on the democratic insider. and unions pitching for stimulus money and mobilizing the unemployed. our cloud is not soft and fluffy. our cloud is made of bedrock. concrete. and steel. our cloud is the smartest brains combating the latest security threats. it spans oceans, stretches continents. and is scalable as far as the mind can see.
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to hide payments to a mistress who had his child. but whatever the embarrassment of a moral mess, this is over for john edwards as far as a legal mess. we will keep you posted. a washington, dc, at 81 togethers. and a lot of democrats are sweating because the president. because the campaign is in a funk and getting to be worse. releasing a memo on the issue to show panic. and why they are pan inning and getting hot under the collar. >>guest: two democratic long time pollsters, james car develop -- james carvelle said obama is doing the messaging wrong. they had two focus groups one in pennsylvania and one in ohio, one was college voters and juan noncollege in ohio and they showed the president's campaign ad and messaging and the voters
are not buying it. it was not appealing. >>neil: what was not appealing? >>guest: what the president's messaging was, the economy is not great yet but it is getting better. we are getting there. they are saying do not focus on the economy. they were not impressed when they focused on the economy because it is showing the rejuvenation of the manufacturing in detroit, and people say they do not see that in their likes and what the pollsters were saying, they have to focus on what the government can do for them, medicare and medicaid, and what he will save, and what they would call positive message which i would not call necessarily positive in the long temperature but that is what the president is focusing on, what the government will do for middle class americans and what governor romney won't do for middle class americans highlighting support for the paul ryan budget plan. >>neil: i am seeing a pattern maybe dating back to a couple of
weeks ago when bill clinton praised the big experience of governor romney, and then mayor booker of new york saying the same thing. and they all had to walk it back a bit. but to a man and a lot of the others in the party, they are saying, you are going too far bashing and to the doing enough promoting or having a positive emergency. is that the idea? ing there is a split. you can see the clinton democrats versus the obama democrats the guys with clinton are splitting from what the obama guys are doing. but it is more fundamental. both of them have it wrong in some way, the memo is not optimistic. it talks about americans have to understand that they are where they are and things are not going to the get back to the way they were and the government will have to step in. that is a fundamentally
pessimistic message and wrong. that is why governor romney is appealing, we can have a leading in america again, go not need to be one nation among many. this economy has the potential through our technology and the oil boom in the midwest and the gas boom. >>neil: but whose polls are right? the president is slipping in the polls. maybe the president's pollsters are right, the populst people -- appeal will win. >>guest: something intercedes, but there is a dichotomy between the message that governor romney has and the emergency both of the democratic camps have are fundamentally not optimistic on the democratic side. >>neil: thank you, good reporting as always, jamie, in washington, dc.
if democrats are not pan >>guest: there is $1 billion run on banks that could prove greeks are panicking. is this all greek to you? well ... [ male announcer ] this is corporate caterers, miami, florida. in here, great food demands a great presentation. so at&t showed corporate caterers how to beer collaborate by using a mobile solution, in a whole new way. using real-time photo sharing abilities, they can create and maintain high standards, from kitchen to table. this technology allows us to collaborate with r drivers to make a better experience for our customers. [ male announcer ] it's a network of possibilities -- helping you do what you do... even better. ♪ and he didn't stop for three days and nights as he escaped life as a child soldier. twenty years later, he was still running,
>>neil: does then know the greektown for "take the money and run," greeks pulling $1 billion out of banks in the past few days ahead of the week's crucial election. we hear it could climb to $1.5 billion a day the by friday. what has the greeks running scared? greg, what is going on in rome? >>guest: well, the greeks are afraid of the whole thing falling apart. it is not a great sign of confidence right before the
elections that you have a huge bank run going on. you have heard of voting with your feet, this is voting with your bank card. officials report all year there have been steady withdrawals, down 20 percent the year before but right before the elections it ticked up further and the greeks trying to get euros while they still euros and worth something and they do not go back to drachma. they have been the beneficiary of two massive bailouts. it doesn't seem to have helped too much but europe keeps kicking the can down the road and likely to do that a little bit more. no one really wants to pull the plug. the white house is now rooting for greece saying it is going to be much better not euro zone if greece remains in it and better for the global economy and the united states, as well. another question, should greece have ever been allowed in the euro zone but that is another question. finally, if greece does go out
that will be a mess. but, what if everyone goes down and you have to take all the currencies and go back local if that is mess for the globe, a mess for europe, and a minor advantage would be visiting italy, you used to be able to get a lot of lira for the dollar. >>neil: i was going to say that without are standing is like the next ground zero. is that true? italy could be next to feel the pain? >>guest: it looks that way. spain, over the weekend said they would ask for up to $125 billion for the banking system and that helped markets if three hours and spain went down and, then, immediately started feeling what they are calling the contagion in italy, all eyes on italy. they are in trouble a lot, we are in trouble, a lot of public debt here. >>neil: thanks, budly, greg you are a gem. spain is not a gem downgraded to
junk status after the major banks downgraded to junk status. we will keep you posted. at home more bad economic news with retail sales falling second month in a row. what is beginning on, here? and ploy guest says you don't want to know. we could be headed for something worse here. how much? >>guest: well, i have fortunate to be on the show and maintained the same thing all along. none of what is going on is progressive. i think it is regressive. so, you saw the retail sales number come out today. you saw the jobs report if last month. it will continue into the summer. the cost of travel is dramatically increased so people, more people will stay closer to home. and with the economic policies in place that we have, and no real direction on what the future is going to be, people are going to stay very close to
their wallets especially going into the summertime. >>neil: well we talked about this before, you get bad economic news it can be a self-fulfilling psychological prophecy. you hear a bad must be and say, i will curtail spending or i will not take so elaborate a trip. and it feeds on itself. that happens in a lot of slow downs that become recessions. is this slow down going to become a recession? >> we are in a severe process of contraction in the united states and with the economic policies and the direction we are going, quite frankly, we are on the high road to servitude with respect to the domestic committee. i don't think that the united states markets have factored in exactly what is going on in western europe. once some of the bailouts are made and we see they, need more money going forward because there is no infrastructural
change in the committees, you will see more malaise going on in the domestic economy. >>neil: how exposed are we? viewers say, well, say greece goes down and italy and portugal and spain go down. do we benefit because at least we are a safe haven? or do we get more news from mcdonald's and the ibm's and best buys who all say, well, we are exposed and we are getting hit. >>guest: more than ever we are in an international marketplace. so we are selling as much internationally as we are domestically and historically, the flight to quality or the flight to safety was the united states treasury. but i have said this before the united states ten year treasury is paying 1.5 percent. if we argue inflation is 2.5 percent we have a negative 1 percent real rate of return on the money so the flight to quality now people are thing
more of president bush -- of precious metal and gold and their mattress. we saw the retail sales number. look at american express today. people are a lot less, not thinking about using their credit card as much as they have. you saw american express today, trade down a bit. so, credit is not as available and people are not as willing to use their credit because they are worried about the fact if they are going do have a job in a week or month from now. >>neil: the panic begins. thank you, buddy. >> they are out of a job, guess how a union is getting the unemployed to work their agenda? a group of senators reportedly working a closed door deal on taxes. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations,
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>>neil: all right. time to get back to the grill on the hill. one of the senators questioning j.p. morgan chase c.e.o. jamie dimon today, but he talked to him lucidly, the republican from alabama, senator shelby. senator, to me and i know this is well intended presentation but i felt for a lot of colleagues it was a political bean throwing test and you just stepped back and want to know what could washington do to prevent this sort of thing or address these problems.
but i felt a lot of your colleagues were pointing fingers and not to solutions. what was your thinking? >>guest: well, i'm not going to say anything about my colleagues. this was a hearing, i thought this was a serious hearing and not a circus and i try to look at the hearings that way. what i tried to do is find out what went on, considering that j.p. morgan chase still has a proprietary interest if that and we will find out sooner or later sequence by sequence what went on, but looking at it over all i think the message today was that jamie dimon admitted they made some mistakes. they lost some money. which hurts. but they are well capitalized and my interest is making sure not that banks don't lose money. or that they don't make money. i want them to make money, they take risk. on the other hand, i don't want
them to be undercapitalized. i want them well capitalized. i don't ever want the taxpayers to bail them out. >>neil: i don't know if you caught charles gasparino on fox business network, but he was reporting this very same firm has information that shows unfunded pension liabilities across the country leaving aside social security and medicare, pun pension liabilities are approaching $4 trillion. that is a sum so huge that there is no way to address it but to rapidly and steeply cutting spending or raising taxes by the same amount. what do you make of that and if you felt you and your colleague, maybe this was not your intent, or wasting time tag about a firm and a bad $2 billion trade. >>guest: i think that you are absolutely right. we have so many larger problems, bigger problems, structural
programs, complex problems we ought to focus on those. j.p. morgan chase's loss, $2 billion, you are talking about $4 trillion shortfall, we better get things in perspective. >>neil: but the reality is, washington, dc, does not and we have all the tax rates and everything, backing up, like i said, the planes at la guardia on the runway and talk that it will not be soxed until a lake duck congress is in. and now, there are indications that when it comes to more financial regulation to try to deal with the kind of stuff that let to this presumably bad trade we could make a bad situation worse. washington could compound this. do you fear that? >>guest: always. what we should think about each day is to do no harm. up here. and overregulate an economy and overtaxing businesses, these are
detrimental to creating jobs and to a viable economy. i worry about europe. i watched part of the program that you were conducting a few minutes ago, and i believe europe is burning financially. europe's problems will not go ahead. they are so structural, yet, our problems are right behind them. we cannot just look at europe. we better learn from europe because it's not too late, yet, here in america but it will be just like europe in a few years if not sooner. >>neil: if not super is right. always a pleasure, thank you. senator shelby. and our next guest starts about hiking taxes saying no way.
to consider tax hikes as part of the deal even if the ratio is something like $10 in spending cuts for every $1 in tax hikes. and a columnist says you cut that deal you will be cut out of your life. she will forget you and hate you forever. so, that is something you do not want to see them do, right? >>guest: no, i do not but it is not me they should fear but the american people. they spoke in 2010 they are taxed enough already. and when you start spending $1 trillion more than you take in, i don't think there is going to be much patience if saying maybe we need one more dollar although we will cut back ten. cut the $10 first. this is serious. >>neil: i understand what you are saying, jeb bush raised the same issue saying republicans must be open to this. i want you to react to this.
and then more. >> if you could bring to me a majority of people to say, if we are going do have $10 of spending cuts for $1 of revenue enhancement, puts -- put me in coach. >>neil: i think the world of the governor but that is the same thing that undid his dad. his dade may a promise and broke it on not to raise taxes under the belief that such a willingness to do so would lead to democrats sticking to their part of the bargain and cut spending. they did not. so, i wonder if it is a case of another bush being fooled and whether there could be hell to pain if you enter into an agreement like that. >>guest: we constantly as republicans underestimate the democrats. they are not going to budge. and jeb bush and all the bushes know this. republicans should know this by new. the american people, those that support these republicans, are
saying, we have had enough. so, the politicians can continue with the same rhetoric and containing the temperature until to enhancement, or whatever they want to call tax increases. they don't understand the message. we are taxed enough already. if you notice in the grass roots of america incumbents are released by people saying seriously what time it is in this country. we are taxed enough already. use talked about in the last segment in europe, there are many people here that are concerned about that. that every single month they are looking at their wallets and saying is, i have to cut back. i was spending $2,000 more a month that i took in and i have to cut back. the government has to do the same. they can fine $1 trillion in washington, dc. i work this. they can fine $1 trillion they overintend in some areas to start cutting back, and once they do that, they may not need a tax increase because the budgets will balance. >>neil: well, i have always been for moving the ball forward.
against tax hikes. i think they are a zero sum game but if it is part of making a deal could you frame it this way, we jump off together, whatever the ratio to tax increases to avoid the democrats many of whom --. >>guest: they don't do that. >>neil: if --. >>guest: they do not do that. >>neil: hear me out. if they say we are going off this together, the tax hikes, or closing loopholes, they begin the same moment we begin the spending cuts and we all take our slaps together, you just did not think that will happen? >>guest: then there is an emergency. how short our are memories. the debt creating increase. the cr's and we hear it all the time. the democrats promise with their fingers crosses. >>neil: and we limp from deadline to deadline and it never changes. >>guest: never changes anything. >>neil: you have little faith
in your fellow washington man? >>guest: i am so glad what garfield said "elections." if you want term limits you have them. president garfield said, we have corruption in business because we trillion rate corruption in government so we get do change that every couple years and we get to change it this year. those senators talking about perhaps we should look for a tax increase in where, we will keep their names. >>neil: president garfield said that? >>guest: he said that if you have corruption or recklessness in government it is because people tolerate that. >>neil: but he was killed by a guy who --. >>guest: yes, but -- we better get our bullet proof vests. >>neil: i don't want did go there. but, star, don't get nasty with me. >>guest: before he died he said --. >>neil: i will come to los angeles, and set you right on
being nice. seriously, star, thank you very much. star parker, in l.a. >> unions not give up the fight and now they are mobilizing the unemployed. we have the guy leading that charge. a unique charge. this man is about to be the millionth customer. would you mind if i go ahead of you? instead we had someone go ahead of him and wifty thousand dollars. congratulations you are our one millionth customer.
>>neil: my buddies in college at fox business network, including rip are getting word on this upcoming greek election on sunday, that could be very defining. separately there is a g-20 meeting, these are 20 of the world's richest nations gathered i think in mexico, monday and tuesday, and ahead of that, a top official there, telling rich that they are very confident things will go well in greece
and sunday should not be definitive for euro and the winning party needs to builds a coalition and the united states will not be asking congress for more imf money and europe and greece do not need it. obviously, trying to calm nerves ahead of an election where we could see the greeks officially say, good goodbye to the greek . i guess in greece they would say "yasu." in the meantime, out of work? join a union. a virtual one, calling themselves "the union of unemployed," and stand 100,000 strong. their goal is to see congress pay up to $250 billion if a stimulus package and an extension of jobless benefits. the man leading that charge joins us now. good to have you, risk. >>guest: good to see you. >>neil: where will we get that money?
>>guest: we have a huge problem in this country with, if may, there were 27.6 million people who were in part of the real unemployed and for them, this is their great depression. and we have to get them back to work. and the only way that we seem to be able to do that is to offer them a job with something like the works progress administration 2.0. in the 1935 timeframe, later than garfield, we put 8 million people, the equivalent of 8 million people to work in one year. if we did it then we can do it now. >>neil: but a lot of that was infrastructure type work, the money we committed to infrastructure in some stimulus programs lately, has yielded very few jobs. certainly not the bang for the puck we imagined. >>guest: actually, there is a difference --. >>neil: and we are out of the bucks. you rolling the dic.
thinking deeper goes better. >>guest: this is a new game plan. >>neil: no, more of the same. >>guest: well, what we have tried before was the equivalent of the works project administration. big dollar. big construction projects. works progress administration had a requirement that 85 percent of the money spent had to go for wages. what we are looking for is an influx of money into people's pockets so that they can become consumers again. if you have a quarter --. >>neil: you can put more money in the pockets but cut the workers, those who are employed, cut their taxes, and maybe they, the ones who are working, not the 30 some odd million you are addressing and trying to help out, but maybe if you give those people more money, and businesses more of their money, then maybe that circulates around and gets more people
hired in the boom that creates. >>guest: we tried that with the first stimulus. it didn't work. you are right. >>neil: we tried it with ronald reagan, we tried that with bill clinton and when we tried it and we have given more money and put it in people's hands and it has done the trick. and the more we did it the better it does, right? >>guest: we are going to disagree about this one. let me give you our side, okay? which is this: when you have a fifth of your population unemployed, underemployed, or out of the workforce, that means a fifth of the consumer power is also sidelined. and until you get them back in the game, you --. >>neil: you are not hearing me. i think the world of you. but i am telling did you focus on the four giveths and goose them so you can help that one fifth and then you have five fifths and we are doing great. >>guest: we would love do have five fifths.
but what we need --. >>neil: when you provide more benefits and more washington for the one fifth the other four fifths are saying this is, really, weird. it is stupid. ass backwards. >>guest: you will not get the tax cuts you are asking for. you are not going to get the deficit reduction you are asking for until we get back to full implement. the only way --. >>neil: we will not get to full employment patronizing one fifth with more benefits and fake jobs that never turn out or last. >>guest: well, in 1935 they were not fake. they were actually and still exist the projects they worked in. >>neil: we will watch. always a pleasure, risk, thank you. remember this guy? he is back. and let's just say you are watching fox business network around 8:00 eastern he is angry and you do not want do make this guy angry.
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what's your policy? >> neil: well, here is how lop-sided the jamie dimon and jp morgan thing is getting. prison condo says he's reamed. but this guy dennis says jamie is no menace. he should know. dennis is still doing the time. at-bat in a correction facility now, where he gets to be homed op weekend amend only returns to finish the seb tense each weeknight. far cry from the upstate new york prison where i chatted with him some time back. back then, the former tyco king pip told me he was the cape get. his only crime was living large and enjoying parties larger. a jury thought otherwise, of course. the shareholder was footing the larger than life bills. what he was doing was illegal. no matter. this day i want to focus on why he is saying about the
soap opera matters and a lot. once again, dennis is reaching out to fox, to us, and only us. and with a stunning jaw-dropping tape on electrifying hearing. you will only hear watching us. the guy best known for the pricy umbrella stands is poking politicians back big-time. not with the sharp designer umbrellas. sharper, damning words from dennis himself. he is telling them to stay the hell out of business. how often do you see something like this in cable news, in cable business news? it's how he is saying it. it's to whom he is saying it. this, my friends, you got to watch. you simply got to behold. and tonight live, 8:00 p.m. eastern time. you will. loud and clear. the jolt from jail.
three hours from now. >> eric: hello. i'm eric bolling, with andrea tantaros, bob beckel, dana perino, greg gutfeld. it's 5:00 in new york city. this is "the five." ♪ ♪ proving night after night he has absolutely no idea how bad things are out there on main street and proving night after night he has no shame in misinforming middle america. ladies and gentlemen, the president of the united states. >> this notion that somehow we have caused the deficit is just wrong. it's just not true. if they start trying to give you a bunch of facts and figures, suggesting it's true. what they are not telling you is they baked all this stuff in the cake with those tax cu cuts. prescription drug plan they didn't pay for.